Larry Fink’s 2025 Annual Chairman’s Letter to Investors

The democratization of investing Expanding prosperity in more places, for more people I hear it from nearly every client, nearly every leader—nearly every person—I talk to: They’re more anxious about the economy than any time in recent memory. I understand why. But we have lived through moments like this before. And somehow, in the long run, we figure things out. Humans are smart, resilient creatures, and we build systems that reflect our own image—systems that take the confusion around us, make sense of it, and produce surprisingly good outcomes. Computers handle complex data (and now language) on our behalf. Cities enable millions of people to live side by side, usually peacefully, mostly productively. But of all the systems we've created, among the most powerful—and uniquely suited to moments like ours—began over 400 years ago. It's the system we invented specifically to overcome contradictions like scarcity amid abundance, and anxiety amid prosperity We call this system the capital markets.